Correlation Between Tianshan Aluminum and Geron
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By analyzing existing cross correlation between Tianshan Aluminum Group and Geron Co, you can compare the effects of market volatilities on Tianshan Aluminum and Geron and check how they will diversify away market risk if combined in the same portfolio for a given time horizon. You can also utilize pair trading strategies of matching a long position in Tianshan Aluminum with a short position of Geron. Check out your portfolio center. Please also check ongoing floating volatility patterns of Tianshan Aluminum and Geron.
Diversification Opportunities for Tianshan Aluminum and Geron
-0.07 | Correlation Coefficient |
Good diversification
The 3 months correlation between Tianshan and Geron is -0.07. Overlapping area represents the amount of risk that can be diversified away by holding Tianshan Aluminum Group and Geron Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Geron and Tianshan Aluminum is a relative statistical measure of the degree to which these equity instruments tend to move together. The correlation coefficient measures the extent to which returns on Tianshan Aluminum Group are associated (or correlated) with Geron. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Geron has no effect on the direction of Tianshan Aluminum i.e., Tianshan Aluminum and Geron go up and down completely randomly.
Pair Corralation between Tianshan Aluminum and Geron
Assuming the 90 days trading horizon Tianshan Aluminum Group is expected to generate 0.73 times more return on investment than Geron. However, Tianshan Aluminum Group is 1.37 times less risky than Geron. It trades about 0.52 of its potential returns per unit of risk. Geron Co is currently generating about 0.07 per unit of risk. If you would invest 776.00 in Tianshan Aluminum Group on November 3, 2024 and sell it today you would earn a total of 137.00 from holding Tianshan Aluminum Group or generate 17.65% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Tianshan Aluminum Group vs. Geron Co
Performance |
| Timeline |
| Tianshan Aluminum |
| Geron |
Tianshan Aluminum and Geron Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Tianshan Aluminum and Geron
The main advantage of trading using opposite Tianshan Aluminum and Geron positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Tianshan Aluminum position performs unexpectedly, Geron can make up some of the losses. Pair trading also minimizes risk from directional movements in the market. For example, if an entire industry or sector drops because of unexpected headlines, the short position in Geron will offset losses from the drop in Geron's long position.| Tianshan Aluminum vs. Chengdu Kanghua Biological | Tianshan Aluminum vs. Beijing Wantai Biological | Tianshan Aluminum vs. Suzhou Novoprotein Scientific | Tianshan Aluminum vs. Aluminum Corp of |
| Geron vs. Sinocat Environmental Technology | Geron vs. Konfoong Materials International | Geron vs. Guangdong Liantai Environmental | Geron vs. Shengyuan Environmental Protection |
Check out your portfolio center.Note that this page's information should be used as a complementary analysis to find the right mix of equity instruments to add to your existing portfolios or create a brand new portfolio. You can also try the Competition Analyzer module to analyze and compare many basic indicators for a group of related or unrelated entities.
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